V. Sanctions

Art. 59
Responsibility and procedure

Responsibility for instigating and conducting sanction proceedings is governed by the Rules of Procedure.

See also:

• Rules of Procedure (RP)

Art. 60
Breaches by issuers, guarantors or recognised representatives

Sanctions may be imposed in the event that an issuer, guarantor or recognised representative, as described in Art. 43, commits a breach of these Rules, the Additional Rules or their implementing provisions (specifically breaches of duties to cooperate and to provide or disclose information), or in the event that they do not ensure compliance with these rules and regulations.

Art. 61
Sanctions

¹ One or more of the following sanctions may be imposed on issuers, guarantors or recognised representatives:

1. reprimand;
2. fine of up to CHF 1 million (in cases of negligence) or CHF 10 million (in cases of wrongful intent);
3. suspension of trading;
4. delisting or reallocation to a different regulatory standard;
5. exclusion from further listings;
6. withdrawal of recognition.

² In determining the sanction to be imposed, the competent body will take into consideration, in particular, the severity of the breach and the degree of fault. When setting the level of fines, the competent body will also take the impact of the sanction on the party concerned into account.